Top 8 Locally Based Brokers
8 Best Centralized Trading Platforms in Kenya
The 8 Best Centralized Trading Platforms in Kenya revealed. We tested and verified the best Centralized Trading Platforms for Kenyan Traders.
This is a complete list of Centralized Trading Platforms in Kenya.
In this in-depth guide you’ll learn:
- What is a Centralized Trading Platform?
- What are the top centralized exchanges?
- Our recommended FIVE Centralized Trading Platforms for Kenyan Beginner Traders?
- How to compare Centralized Trading Platforms against each other?
- How can I trade with $5 (602 KES)?
- Which brokers offer a signup bonus on a $5 (602 KES) deposit?
And lots more…
So if you’re ready to go “all in” with the best-tested Centralized Trading Platform in Kenya…
Let’s dive right in…
- Louis Schoeman
What is a Centralized Exchange?
👉 Typically, centralized exchanges allow transactions between users by keeping an order book, a compilation of buy and sell orders issued by individual traders. Orders are requests to purchase or sell a certain quantity of a particular cryptocurrency at a specified price.
👉 CEXs collect orders from users before matching and executing buy and sell orders using specialized software.
👉 CEX users do not swap crypto or fiat currency directly with one another. Instead, when a trader deposits money on an exchange, the exchange assumes custody of the deposited assets. Subsequently, it provides a comparable quantity of IOUs to the trader.
👉 Internally, the exchange records each user’s IOUs as they are traded and only turns them into real cash at the withdrawal time.
👉 CEXs are the most prevalent kind of cryptocurrency exchange activity. Centralized exchanges process transactions swiftly and affordably. A single authority carries out transactions on CEXs, making them a useful venue for day traders and crypto investors to buy and sell digital assets.
👉 However, the dependence of CEXs on a central body has several drawbacks. One of these drawbacks relates to the lack of knowledge of centralized exchanges’ inner workings, resulting in a lack of transparency that facilitates malevolent actions such as wash trading and price manipulation.
1. Binance
Overview
👉 Binance is a leading global cryptocurrency exchange that serves a massive user base. It presently trades a vast array of cryptocurrencies and has its own currency, the Binance coin (BNB). Over 140 different currencies are traded on Binance.
👉 In addition to Bitcoin, Ether, and Litecoin, there are other lesser-known currencies such as Siacoin, Ravencoin, and New Bitshares.
👉 Binance allows over 47 fiat currencies to purchase cryptocurrencies, including the US, Australian, Hong Kong, Canadian dollars, the British pound, and the Polish zloty, among others.
👉 Binance is regarded as one of the top fiat-to-cryptocurrency exchanges because of its extensive offering. In addition, various payment options are available for purchasing cryptocurrencies.
👉 Availability varies by location, but you can often fund your account through bank transfer, credit or debit card, or a third-party payment processor.
👉 The withdrawal limitations on Binance are indicated in BUSD, the stablecoin used by Binance. They vary depending on the client’s level.
👉 VIP 9 clients can withdraw up to 96 million BUSD daily, while regular users can withdraw up to 8 million BUSD daily. Regarding online buying and selling, fees are always a factor, and Binance is no exception.
👉 In addition to the usual spot trading charge of 0.1% for non-BNB transactions, fees vary from 0.015% (with the 25% BNB user discount) to 0.1%, depending on the “maker/taker” model.
👉 Despite having many data and money security levels, Binance was hacked in February 2019, and $40 million worth of tokens were taken. This hack was a catastrophic blow to the reputation of Binance as one of the main cryptocurrency exchanges.
👉 Positively, this attack made Binance aware of its deficiencies. Since then, advancements in safety procedures have made Binance a far more reliable platform. Binance uses AI and big data analytics to assist with user authentication and monitor suspicious exchange activities.
👉 Binance’s two-factor authentication mechanism for allowing transactions involves both a PIN and a private key for the user.
Features
| 💻 Platform Criteria | ℹ️ Information |
| 📊 Exchange Score | 9.9 |
| 📈 Market Ranking | #1 |
| ⏰ Average Trading Volume (24h) | US$15,948,394,708 |
| 💧 Average Liquidity | 854 BTC |
| 👥 Average Regular Visitors (Weekly) | 20 million+ |
| 💻 Markets Offered | 1,684 |
| ✅ Coin Offering | 393 |
| ✔️ Fiat Currency Supported | 46 including USD, AUD, AED, etc. |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Binance has a simplified sign-up process | The withdrawal fees can be expensive |
| Support is given for credit and debit card purchases | Binance has a history of hacking events |
| Free deposits are offered | |
| The trade execution is lightning-fast | |
| Binance offers lucrative on-site staking |
2. Kraken
Overview
👉 Kraken, founded in 2011, is the most trustworthy cryptocurrency exchange and has withstood the test of time. Kraken has long been the cryptocurrency exchange of choice for seasoned traders because of its enduring reputation for superior security.
👉 Kenyans adore Kraken for its great liquidity and order processing. In addition, Kraken now supports over 120 coins. It was an early adopter of Bitcoin, so the original digital currency remains popular, unsurprisingly.
👉 In addition, the website takes Dogecoin, Litecoin, Kusama, Waves, and hundreds of more currencies. Furthermore, many cryptocurrency pairings are available for trading. Various fiat currencies are accepted for convenient trading, including but not limited to USD, EUR, GBP, and JPY.
👉 As traders expect from one of the largest cryptocurrency exchanges, Kraken supports SEPA, SWIFT, and local and international wire transfers for deposits and withdrawals.
👉 Most deposit and withdrawal methods carry a charge. Therefore, Kenyans must check the exchange rates before depositing or withdrawing.
👉 There are no deposit restrictions. However, withdrawal limitations vary by verification level, ranging from $5,000 per day for the lowest tier to $10,000,000 per day for the highest.
👉 According to several customer evaluations, completing these purchases typically takes between one to five business days, depending on the payment option you choose. As a peer-to-peer exchange, Kraken only charges a fee after a transaction is finalized.
👉 This charge may vary from 0% to 0.26% of the overall transaction value. There is also a minimum trading fee dependent on the traded pair and margin fees.
Features
| 💻 Platform Criteria | ℹ️ Information |
| 📊 Exchange Score | 7.5 |
| 📈 Market Ranking | #4 |
| ⏰ Average Trading Volume (24h) | US$420,174,800 |
| 💧 Average Liquidity | 722 BTC |
| 👥 Average Regular Visitors (Weekly) | 1,619,546 |
| 💻 Markets Offered | 602 |
| ✅ Coin Offering | 197 |
| ✔️ Fiat Currency Supported | USD, EUR, GBP, and several others |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Kraken is popular because of sophisticated features such as margin trading and staking | Kraken only accepts a few fiat currencies |
| There are prompt customer support channels offered | There have been past reports regarding hacked accounts |
| There are low Bitcoin withdrawal fees | |
| There is a massive range of educational resources | |
| Kraken is known for its high liquidity and robust security |
3. Bitstamp
Overview
👉 Bitstamp was founded in Slovenia but has subsequently been bought by the investment firm NXMH, relocated its headquarters to London, and opened offices in Luxembourg. Bitstamp, led by CEO Julian Sawyer, provides various trading alternatives for fiat and cryptocurrencies.
👉 Bitstamp might not be your top pick if you search for a cryptocurrency trading platform with various payment options.
👉 Bitstamp does not offer support for electronic wallets. Therefore, the only methods available are ACH transfers (for US customers), debit and credit cards for immediate transactions, and SEPA transfers for European users.
👉 You have arrived at the correct spot if you seek a cryptocurrency exchange with minimal trading costs. Bitstamp bases its fees on the 30-day volume of all trading pairs. Subsequently, the least expensive maker cost is 0%, while the most expensive taker fee is 0.5%.
👉 For most payment options, transactions are completed within one to three business days. In addition, Bitstamp is often lauded for its superior security because the platform utilizes many techniques to safeguard customer funds and data.
👉 The platform will encourage you to establish a new password and utilize the two-factor authentication option as soon as you create an account.
👉 The bulk of Bitstamp’s assets is stored in cold storage. Simultaneously, just a small portion is maintained in its hot wallet, which also has many levels of security. Unfortunately, Bitstamp cannot give the same assurance to consumers who withdraw money to their own wallets since it does not offer a wallet app.
Features
| 💻 Platform Criteria | ℹ️ Information |
| Exchange Location | United Kingdom |
| Exchange Score | #27790 |
| Market Ranking | 494,964 |
| Average Trading Volume (24h) | $34,047,217 |
| Average Liquidity | 372 BTC |
| Average Regular Visitors (Weekly) | 372,366 |
| Number of Coins | 426 |
| Number of Trading Pairs | 268 |
| Fiat Currency Supported | No |
| Cybersecurity Score | BB |
| Penetration Test Done? | No |
| Proof of Funds? | Yes |
| Bug Bounty? | No |
| Twitter Followers | 503,431 |
| Alexa Rank | #12990 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Bitstamp has extremely competitive trading fees and is a user-friendly CEX. | Bitstamp experienced a security breach in 2015. |
| Bitstamp offers advanced trading options and a robust trading platform. | There are a few major cryptocurrencies not listed on the exchange. |
| There is a top-rated mobile app offered to Kenyans. | |
| Kenyans can easily earn a passive income through staking. |
4. Gemini
Overview
👉 The Winklevoss twins’ 2014 debut of Gemini stands out because of the company’s dedication to security and regulation.
👉 New York’s exchange provides insurance for hot wallets to protect customers’ funds in the event of a security breach. Users are also subject to an identity verification process to reduce the possibility of fraudulent usage.
👉 Gemini also supports two-factor authentication, which involves using a password and an additional piece of information known only to the account owner. In addition, independent auditors have vouched for Gemini’s security and compliance procedures, making the company SOC 2-certified.
👉 To cater to its target audience of experienced traders, Gemini provides such professionals with a trading dashboard that meets or exceeds industry norms. In addition, more than seventy-five digital currencies and tokens are supported.
👉 Gemini also allows users to utilize crypto assets and a unique crypto reward card while making purchases.
👉 There are several pricing tiers for Gemini’s main and active trading platforms. When a transaction is above $200, the main platform charges a steep 1.49% fee.
👉 Maker-taker fees may reach 0.4% in the platform’s busy trading environment. However, they will reduce with increased trade volume. They are as pricey as the others. However, the price may be worth it for the peace of mind provided by Gemini.
👉 Gemini’s services appeal to traders and investors who want to do business on a protected platform. In addition, Gemini is a wonderful choice for first-time crypto investors due to its intuitive design and wealth of educational resources.
👉 The crypto exchange’s security features, trading interface, and yield-earning Gemini Earn feature all appeal to advanced cryptocurrency traders. However, Gemini is your best bet if you want to invest in cryptocurrency.
Features
| 💻 Platform Criteria | ℹ️ Information |
| 📊 Exchange Score | 6.7 |
| 📈 Market Ranking | #10 |
| ⏰ Average Trading Volume (24h) | US$58,357,669 |
| 💧 Average Liquidity | 632 BTC |
| 👥 Average Regular Visitors (Weekly) | 387,411 |
| 💻 Markets Offered | 126 |
| ✅ Coin Offering | 102 |
| ✔️ Fiat Currency Supported | USD, GBP, EUR, and others |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Gemini is known for its robust security measures | In terms of market prices, Gemini’s fees are remarkably high |
| There are over 100 cryptocurrencies that can be traded | The exchange could be a bit confusing for complete first timers |
| There is a very user-friendly interface that will not confuse beginners | |
| There are several advanced options for expert traders | |
| Kenyans can earn up to 8% APY on their crypto balance through Gemini Earn |
5. Crypto.com
Overview
👉 Crypto.com, launched in 2016, is a cryptocurrency exchange that supports trading for hundreds of digital currencies.
👉 In addition to NFTs, members may exchange regular currencies. For example, the Cronos (CRO) token is the exchange’s own cryptocurrency and allows for several trade bonuses.
👉 Crypto.com is a competitive exchange in terms of its transaction costs. In addition to competitive pricing, Crypto.com offers a native DeFi wallet and offers Kenyans the chance to earn interest when they open a savings account.
👉 Crypto.com charges fees when takers have trading volumes of less than 25,000 USD. However, makers who use CRO and trade more than 200 million USD can earn 0.4% to 0.036%. Subsequently, all users of Cronos, whether makers or takers, will get a 10% reduction in their transaction costs.
👉 The Crypto.com platform caters to traders who like to do business on the go. However, PC users may still utilize the web client if they choose.
👉 A Crypto.com DeFi Wallet is a cryptocurrency wallet service provided by Crypto.com, a centralized custodian. Whether you choose the second option or not, you will remain the only one with access to your private encryption keys.
👉 For more immediate usage, the dashboard at Crypto.com is intuitive and packed with valuable data and tools for trading, studying, and getting help.
Features
| 💻 Platform Criteria | ℹ️ Information |
| Exchange Location | Cayman Islands |
| Exchange Score | #5177 |
| Market Ranking | 494,964 |
| Average Trading Volume (24h) | $34,047,217 |
| Average Liquidity | 372 BTC |
| Average Regular Visitors (Weekly) | 372,366 |
| Number of Coins | 426 |
| Number of Trading Pairs | 268 |
| Fiat Currency Supported | No |
| Cybersecurity Score | AAA |
| Penetration Test Done? | No |
| Proof of Funds? | Yes |
| Bug Bounty? | No |
| Twitter Followers | 503,431 |
| Alexa Rank | #12990 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Crypto.com is known for charging low trading fees and for providing leveraged crypto trading up to 1:10. | The platform may be very intimidating for beginners. |
| Kenyans can easily convert their money on the platform, and it is a great option to use for crypto payments. | The coins offered on the platform are not available universally. |
| Kenyans who have holdings on the platform can earn interest from this. | There have been some complaints about customer support. |
| Crypto.com is one of the most secure platforms and offers a native coin, Cronos. | There is a limited selection of educational materials. |
6. eToro
Overview
👉 EToro is more than simply an exchange for digital cryptocurrency. Cryptocurrency is only one of the many assets available for trading on one of the world’s major trading platforms, including ETFs, equities, fiat currencies, indexes, and commodities.
👉 If you are looking for a crypto brokerage. In that case, eToro is surprisingly robust, given that it is built on a platform that was not built for crypto trading in the first place.
👉 There are 42 different cryptocurrencies, including Bitcoin, Bitcoin Cash, Ether, Dash, Ripple, Zcash, and many more.
👉 This selection is less than what you would find on Coinbase, but it is still rather substantial. In addition, the platform’s availability for trading in many fiat currencies from both Asia and the United Kingdom makes it a strong candidate for the best cryptocurrency exchange for consumers living in both regions.
👉 However, you could only make deposits using a credit card using the US Dollar, British Pound, Euro, or Australian Dollar.
Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA, ASIC, FSA, NFA, FinCEN, FINRA, SIPC. |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 💻 Trading Accounts | One Standard Live Trading Account with the option for Retail and Professional |
| 📊 Trading Platform | eToro proprietary platform |
| 💰 Minimum Deposit | 23,000 KES or equivalent to $200 |
| ✅ Trading Assets | • Forex Pairs • Commodities • Exchange-traded funds (ETFs) • Indices • Crypto Assets Stocks |
| 💵 Kenyan shilling Deposits Allowed? | No, only USD, GBP, EUR, and AUD |
| ✔️ KES Deposits Allowed? | No |
| 📉 Minimum spread | 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| eToro is a well-established platform that is well-regulated in several regions | Forex and CFD trading is slightly more expensive than competitors |
| eToro is known for its unique, comprehensive, and robust social trading capabilities | There is a lack of research materials and tools |
| The broker has multiple Tier-1 regulations which make it a highly trusted, low-risk broker | Automated trading strategies are not allowed |
| It offers Kenyans a user-friendly trading platform for web and mobile use | There is no KES-denominated account |
| There is a large range of markets offered | There is only one retail account and one trading platform offered |
| There are VIP perks for eToro club members | |
| eToro has a comprehensive and highly rewarding affiliate program | |
| eToro offers commission-free trades |
7. Bitget
Overview
👉 Sandy Lou serves as CEO and Intae Song as CSO of Singapore’s Bitget cryptocurrency exchange. No initial investment is required, and you could trade various cryptocurrencies and tokens currently or in futures markets.
👉 While the Bitget platform provides its customers with minimal spot and derivatives trading costs, the major emphasis is trading using derivatives. Currently, there are over 2 million users registered globally on Bitget.
👉 Customers can choose from several trading options to satisfy their needs. For example, standard contracts for difference, used in Bitget Futures trading, are a popular derivative mechanism in the cryptocurrency market.
Features
| 💻 Platform Criteria | ℹ️ Information |
| Exchange Location | Singapore |
| Exchange Score | #4608 |
| Market Ranking | 444,754 |
| Average Trading Volume (24h) | $34,047,217 |
| Average Liquidity | 372 BTC |
| Average Regular Visitors (Weekly) | 372,366 |
| Number of Coins | 426 |
| Number of Trading Pairs | 268 |
| Fiat Currency Supported | No |
| Cybersecurity Score | BB |
| Penetration Test Done? | No |
| Proof of Funds? | Yes |
| Bug Bounty? | No |
| Twitter Followers | 503,431 |
| Alexa Rank | #12990 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Bitget is known for competitively low trading fees. | Customer support is not comprehensive and could use improvements. |
| There are no fees charged when Kenyans purchase crypto. | The exchange might suffer from low liquidity at times. |
| There is a comprehensive copy trading feature offered. | |
| Bitget offers several tokens on the platform. | |
| There is 24/7 customer support offered. |
8. CEX.io
Overview
👉 When it debuted in 2013, CEX.io provided cloud-based mining services. When this proved unproductive, the company shifted its focus to the online exchange market. CEX.io provides a variety of payment options to facilitate deposits and withdrawals.
👉 You may fund your account with Visa or Mastercard, bank transfers (SWIFT, SEPA, or ACH, depending on your location), e-wallet services such as Skrill and EPay, and cryptocurrencies.
👉 Even though CEX.io might be the fastest cryptocurrency trading platform, the precise processing time will depend on your bank.
👉 The CEX.io deposit and withdrawal limitations depend on the chosen payment method: There is no maximum limit for SEPA and SWIFT transactions, although the minimum amounts are €20 and $300, respectively.
👉 Cards have no maximum deposit restriction and begin at $20. However, withdrawals are restricted according to the supplier.
👉 CEX.io’s fees are determined by your 30-day USD trading volume, independent of the cryptocurrency pairings you traded. The lowest maker charge is 0%, while the highest taker cost might reach 0.25%.
Features
| 💻 Platform Criteria | ℹ️ Information |
| Exchange Location | United Kingdom |
| Exchange Score | 4 |
| Market Ranking | #86 |
| Average Trading Volume (24h) | $3,019,600 |
| Average Liquidity | 496 BTC |
| Average Regular Visitors (Weekly) | 253,868 |
| Number of Coins | 228 |
| Number of Trading Pairs | 114 |
| Fiat Currency Supported | Yes |
| Cybersecurity Score | DDD |
| Penetration Test Done? | No |
| Proof of Funds? | Yes |
| Bug Bounty? | No |
| Twitter Followers | 127,215 |
| Alexa Rank | #21102 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| BDSwiss is one of the trusted forex brokers with a high trust score that provides client protection | There are high minimum deposits on more premium accounts |
| There are commission-free options offered | Fixed spreads are not offered |
| There are competitive conditions with tight spreads and low commissions | There are some regional restrictions applied to some countries |
| BDSwiss has a large client base spread across the globe | The raw spreads are not the tightest |
| There are more than 250 CFDs to trade and several financial assets and classes | BDSwiss does not offer a deposit bonus or any other initiative |
| BDSwiss offers a high maximum leverage ratio up to 1:1000 | Does not offer a specific Kenyan client or terminal |
| Accepts electronic payments from Skrill, Neteller, and other trusted methods | Currency conversion fees are charged |
| Offers a powerful proprietary trading platform along with MetaTrader 4 and 5 | There is an inactivity fee charged on dormant accounts |
| There is a massive selection of educational material and trading tools, covering all aspects of trading | Withdrawal fee applied on the bank wire withdrawal option for certain amounts |
| Provides advanced charting tools and analytical material | There are no Kenyan Naira deposits allowed and there is no NGN account offered |
| Deposit fees are not charged on deposit methods | There is no desktop version of the proprietary trading platform |
| Offers a demo account and Islamic Account | |
| BDSwiss offers a decent range of payment methods | |
| There is a choice between dynamic retail investor accounts |
How to choose the Right Centralized Trading Platform in Kenya
👉 Kenyan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best CFD Crypto Brokers in Kenya
👉 In this article we have listed the best Forex Platforms in Kenya that offer trading platforms in Kenya. We have further identified some forex brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 trading platform broker in Kenya
👉 Overall, Exness is the best MetaTrader 4 / MT4 trading platform in Kenya. Exness has offices in Cyprus, the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.
👉 Exness provides a number of benefits such as low commissions, instantaneous order execution, and the opportunity to withdraw money immediately via various instant withdrawal alternatives.
Best MetaTrader 5 / MT5 Forex Platform broker in Kenya
👉 Overall, HF Markets is the best MetaTrader 5 / MT5 trading platform in Kenya. HF Markets was previously known as HotForex. It offers a variety of pricing alternatives and account types. HF Markets has competitive fees and spreads that average 0.1 for the EUR/USD currency pair.
Best Forex platform for beginners in Kenya
👉 Overall, Tickmill is the best trading platform for beginners in Kenya. Tickmill is reputable and trustworthy forex and CFD broker. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC.
👉 Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.
Best Minimum Deposit Forex platform in Kenya
👉 Overall, FBS is the best trading platform for the lowest minimum deposit in Kenya. FBS is in operation since 2009 and has evolved to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Kenyan traders.
Best ECN Forex platform in Kenya
👉 Overall, Oanda is the best ECN platform in Kenya. Oanda gives customers access to a variety of financial products for seasoned investors.
👉 Oanda offers quick and reliable transaction execution. Oanda’s research resources are superior to industry standards. Its user interfaces are easy to understand and it has a good track record of regulatory oversight.
Best Islamic / Swap-Free Forex platform in Kenya
👉 Overall, BD Swiss is the best Islamic Forex Broker in Kenya. BD Swiss is a well-regulated and reputable broker with a large international clientele. BD Swiss offers a wide range of products for trading. BD Swiss also offers trading in many cryptocurrencies.
Best trading platform Forex Trading App in Kenya
👉 Overall, OctaFX has the best forex trading app for traders in Kenya. OctaFX operates from Saint Vincent and the Grenadines. OctaFX serves traders from all over the world, including those in African countries like Kenya.
👉 Kenyan traders can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.
Best Lowest Spread Forex platform in Kenya
👉 Overall, Alpari is the best Low spread Forex platform in Kenya. Alpari is trustworthy and reliable as a market maker broker. Alpari is regarded as a broker with a low level of risk. Trading speeds are guaranteed to be swift. More than 2 million customers are enrolled with Alpari.
Best Nasdaq 100 Forex platform in Kenya
👉 Overall, FXTM is the best Nasdaq 100 forex platform in Kenya. FXTM aims to provide the best trading conditions for traders of all levels. For the safety and security of their clients’ cash, they keep such funds in segregated accounts.
👉 The broker is ideal for active trading and investment opportunities for traders of all skill levels.
Best Volatility 75 / VIX 75 Forex platform in Kenya
👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Forex Platform in Kenya. AvaTrade is trustworthy and well regulated. AvaTrade offers a single live trading account but traders have the choice to trade with either a Retail trading account or a Professional trading account.
Best NDD Forex platform in Kenya
👉 Overall, XM is the best NDD forex platform in Kenya. XM is regulated by strict financial regulators in all relevant jurisdictions. XM offers a balanced mix of all the features that users value: security, support, ease of account funding, and withdrawal. XM charges low fees.
Best STP Forex platform in Kenya
👉 Overall, Pepperstone is the best STP Forex platform in Kenya. Pepperstone gives traders across the world access to all markets backed up by very good customer care. Pepperstone also offers modern technology, low spreads, and high-speed execution.
Best sign up bonus trading platform in Kenya
👉 Overall, FP Markets is the best Sign Up bonus trading platform in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types to choose from.
Conclusion
👉 A cryptocurrency exchange is a crucial aspect of the crypto community since investors and traders need to choose the correct exchange.
👉 Therefore, Kenyans must evaluate the various components of a CEX to ensure that the exchange is suited to their unique needs and requirements.
👉 While CEX tends to have robust security, Kenyans must remember that their centralized nature puts them at risk for security breaches. Therefore, Kenyans must ensure that they keep an offline wallet where they store their coins instead of keeping them on the exchange.
FAQ
Are centralized crypto exchanges safe?
Centralized exchanges maintain their systems off-chain, which means they function as escrows for their customers and do not record transactions on the blockchain. This escrow results in significant security breaches and dangerous data, cash, and private key storage.
What is the most centralized cryptocurrency?
XRP is known as the “King of Centralized Cryptocurrencies.” Ripple Inc. holds sixty percent of the XRP supply. XRP is the best example of a large-cap cryptocurrency that has centralized features.
What is the biggest disadvantage of going through a centralized exchange?
In contrast to peer-to-peer transactions, centralized exchanges often charge hefty transaction fees for their services and convenience. These fees could be particularly exorbitant when exchanging substantial quantities.
What defines a centralized exchange?
A single entity operates a centralized cryptocurrency exchange. These exchanges are considered centralized since one entity supervises all the transactions and determines the exchange’s regulations and fees.
What is currently the largest crypto exchange?
Binance is currently the largest cryptocurrency exchange according to trading volume. At the time of writing, Binance has an average 24-hour trading volume of $10,936,296,970.
Top 4 Brokers
